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(ABC News)   White House to levy $120 billion in hidden fees against the largest TARP recipient banks planning to dole out huge bonuses. Bank CEOs say they are tired of being nickel and dimed   ( abcnews.go.com) divider line
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10354 clicks; posted to Main » on 12 Jan 2010 at 4:48 PM (7 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2010-01-12 01:11:32 PM  
So, a group of bankers are pissed off because they're getting boned in the ass over hidden fees and fine, fine print? Hang on, I need a beer and a festive hat to finish reading this article.
 
2010-01-12 01:11:42 PM  
Next time they hit me with some bullshiat fee, I'm going to remember the line "This is not a casino!".

Who do these assholes think they are?!
 
2010-01-12 01:16:03 PM  

ju66l3r: Next time they hit me with some bullshiat fee, I'm going to remember the line "This is not a casino!".

Who do these assholes think they are?!


The government?
 
2010-01-12 01:16:12 PM  
Banks: "We want taxpayer money because we royally farked up"
Feds: "Sure, here you go"
Banks: "YAY money! Now for some bonuses!"
Feds: "Not so fast there slick, there are some terms and conditions"
Banks: "SOCIALISTS!"
Feds: "And we took an idea from your practices to make those terms"
Banks: "It's not fair when it happens to us!"
 
2010-01-12 01:19:08 PM  

jehovahs witness protection: The government?


WIN-NAR!!
 
2010-01-12 01:21:53 PM  

jehovahs witness protection: ju66l3r: Next time they hit me with some bullshiat fee, I'm going to remember the line "This is not a casino!".

Who do these assholes think they are?!

The government?


I can just imagine you giggling and drooling when you wrote that.
 
2010-01-12 01:23:15 PM  
Also they threatened to "cut loaning activities." Presumably, below zero. So bankers will come to your house and beat you up for negative loan payments.
 
2010-01-12 01:30:51 PM  
HAHAHHAHAHAAHHAHA...gasp....HAHHAHAHAHAHA

Oh my god. I think I just swallowed my gum. These guys are lucky the "conditions" didn't include a free cock punch for everyone in management.
 
2010-01-12 01:39:19 PM  
This news makes me happy.
 
2010-01-12 02:23:25 PM  
...Wall Street executives were "completely blindsided" by the news of $120 billion in potential fees in the Obama administration's February budget and will likely fight it.

you made a deal with the devil and didn't read the fine print. Nobody forced you to take the deal. In fact, most of us didn't even WANT you to take the deal. But you signed the contract in your own blood.


www.zuguide.com

it's a little late in the game to buy out now.
 
2010-01-12 02:25:07 PM  
Obama, this is for you:

i249.photobucket.com
 
2010-01-12 02:33:15 PM  
This is good news on the surface, however, as usual, those fees will be passed along to the consumer.
 
2010-01-12 02:41:10 PM  

Absolut Height Advantage: This is good news on the surface, however, as usual, those fees will be passed along to the consumer.


My understanding is credit unions and community banks (you know, people that actually protect deposits instead of gambling with them, and actually loan money in their communities) are generally exempt from this because few took any TARP money. I recommend investigating ones in your area and change your banking allegiances accordingly.
 
2010-01-12 02:42:49 PM  
TARP access fee
Insufficient funds penalty (accrued daily)
TARP payback fee
Federal Reserve access fee
Administrative surcharge

Did I leave any out?
 
2010-01-12 02:57:47 PM  
Well, maybe they should have read the fine print...

Especially the section about variable fees.

Oh wait... they wrote it, and now they are butthurt that Obama is using their tactics against them.

Maybe they should learn how to manage money properly and they wouldn't get hit with these added 'fees'.

This is just awesome to watch these f*cks squirm around and act like they are being harmed by the same the practices that are their bread and butter when inflicted by them.
 
2010-01-12 03:50:38 PM  
If I had the time and energy, I'd go back to the archives and find everything one of our bootstrappy independents said when someone complained about card fees.

As it is, I'm just going to bask in the glow of the banks' discomfort.
 
2010-01-12 03:58:15 PM  
I called Citibank to cancel my account today. When asked why, I asked to speak to a manager.

When the manager came on, I asked him to pass along my message:

"You're a terrible company. You've increased my interest rate because I didn't carry a balance. You stuck a $25 finance charge on my account for two months in a row, and it took me three calls to remove it. When I asked why you did this, you gave me a scripted line about tight credit markets.

I know that I gave you billions of dollars. And I know what you did with it. You did not use that money to help customers. You're doing everything in your power to hurt Americans.

I'd cancel BoA as well, but they're my oldest line of credit, and I want to keep my credit history, but I will never, ever give them another dollar.

I bank with Amex, ING and a credit union. I won't be giving anyone else my business."

Now, I don't know what that did in the long run, it made ME feel better.
 
2010-01-12 04:45:13 PM  
A guy on NRP was talking about bonuses the other day, basically they are rewarding these guys for being so smart and awesome with money because they borrowed money at basically 0% interest and then put the money into a safe investment and what do ya know, they made money! financial geniuses the lot of them.
 
2010-01-12 04:50:14 PM  
Lobbyists cutting this off at the knees in three...two....
 
2010-01-12 04:51:22 PM  
And where do you think the banks are gonna get the money from? Hint: Look in the mirror.
 
jph
2010-01-12 04:52:35 PM  

Aarontology: Banks: "We want taxpayer money because we royally farked up"
Feds: "Sure, here you go"


Weaver95: you made a deal with the devil and didn't read the fine print. Nobody forced you to take the deal. In fact, most of us didn't even WANT you to take the deal. But you signed the contract in your own blood.


JP Morgan and Goldman Sachs tried to reject TARP, but were told that they had to so that the public wouldn't know which banks were in real trouble. JP Morgan's CEO is the one quoted in the article.

But you're too busy being populist to pay attention.
 
2010-01-12 04:52:42 PM  

aden_nak: So, a group of bankers are pissed off because they're getting boned in the ass over hidden fees and fine, fine print? Hang on, I need a beer and a festive hat to finish reading this article.


Amen brother.
 
2010-01-12 04:53:52 PM  

Absolut Height Advantage: This is good news on the surface, however, as usual, those fees will be passed along to the consumer.


THIS.

I'm sure those CEO's will just take smaller bonuses this year instead of passing those costs on to the consumer...
 
2010-01-12 04:54:13 PM  
Obama is so cute when he acts tough.
 
2010-01-12 04:54:51 PM  

unyon: Absolut Height Advantage: This is good news on the surface, however, as usual, those fees will be passed along to the consumer.

My understanding is credit unions and community banks (you know, people that actually protect deposits instead of gambling with them, and actually loan money in their communities) are generally exempt from this because few took any TARP money. I recommend investigating ones in your area and change your banking allegiances accordingly.


This too!!!
 
2010-01-12 04:55:05 PM  

ArtosRC: Lobbyists cutting this off at the knees in three...two....


We can all hope.
 
2010-01-12 04:55:24 PM  

Absolut Height Advantage: This is good news on the surface, however, as usual, those fees will be passed along to the consumer.


Not if we take a page from history and oil up the guillotines.
 
2010-01-12 04:55:31 PM  

Aarontology: Banks: "We want taxpayer money because we royally farked up"
Feds: "Sure, here you go"
Banks: "YAY money! Now for some bonuses!"
Feds: "Not so fast there slick, there are some terms and conditions"
Banks: "SOCIALISTS!"
Feds: "And we took an idea from your practices to make those terms"
Banks: "It's not fair when it happens to us!"



You should do a running commentary on Cspan to translate for the uneducated or time limited masses.
 
2010-01-12 04:55:39 PM  
Here's a better idea:

Liquidate the companies that failed to pay back TARP.
 
2010-01-12 04:55:40 PM  
Walker: And where do you think the banks are gonna get the money from? Hint: Look in the mirror.

I don't see anything.
 
2010-01-12 04:56:37 PM  

Walker: And where do you think the banks are gonna get the money from? Hint: Look in the mirror.


Absolutely. Anyone who deals with these banks just got a de facto tax increase
 
2010-01-12 04:58:11 PM  
Send the Bankers of America the right message.

put your cash into a Federal Credit Union.


Link (new window)
 
2010-01-12 04:58:13 PM  
No hero tag?
 
2010-01-12 04:58:46 PM  
Banks don't have enough money so the government loans them money.

Banks use loaned money from the government to make money and pay back government.

Now, government wants to tax the banks leaving them again without enough money and needing future loans.

and the circile of Bullshiat continues...
 
2010-01-12 04:59:08 PM  
See, if Obama wanted to go further, he'd act like a Republican and use the "If you don't do this, you hate America!"
 
2010-01-12 04:59:26 PM  
Walker: And where do you think the banks are gonna get the money from? Hint: Look in the mirror.

And the FTC, among others, can smack them for doing that.
 
2010-01-12 04:59:59 PM  
I came to the realization that most of these "too big to fail" companies know it. And I fully expect them to abuse this power over the next 10-20 years, if not forever until real reform is enacted.

Either you break them up until they aren't too big to fail and establish rules to prevent systematic failures, or you inflict real penalties on the C-level employees. You fark up and need a bailout? Why don't you lie down on this bench here and um, hold this rope for a second... then put the head on a pike on the south lawn of the White House.
 
2010-01-12 05:00:39 PM  

PowerSlacker: Here's a better idea:

Liquidate the companies that failed to pay back TARP.


Yeah, I heard those gold mines in Northern Nevada need concentrated poison to extract gold from sand. I suppose these bankers could be recycled for that. They have experience and all...
 
2010-01-12 05:01:19 PM  
Brick-House: Now, government wants to tax the banks leaving them again without enough money and needing future loans.

Only those banks who took TARP money and handed out or want to hand out big bonuses. This leaves a lot of banks out in the clear. Indeed, it makes it easy to find the banks worth doing business with. They're the ones not effected by this.
 
2010-01-12 05:01:38 PM  
dealing with these banks is like dealing with the middle east: they will lie to you, they will subvert you, you will find out, they will continue the facade anyway as they fool anybody. as soon as a move is made they will yank every chain they can until you just give up. honestly, im for firebombing most banks. insurance companies too.
 
2010-01-12 05:01:38 PM  
FEDERAL


CREDIT


UNION.



do the right thing. do the only thing a banker undertands (besides bullets. of course). move your cash from your bank to a Federal Credit Union. problem solved.

Link (new window)
 
2010-01-12 05:01:57 PM  
Maybe this will play out like those montages in "Godfather" and "Godfather II," where enemies of the Corleone family get whacked juxtaposed against Vito (or Michael) playing with their children... only it will be the President playing with his daughters on the White House lawn while bank executives argue and receive the cardboard box security escort walk of shame.
 
2010-01-12 05:02:44 PM  

WhyteRaven74: Walker: And where do you think the banks are gonna get the money from? Hint: Look in the mirror.

And the FTC, among others, can smack them for doing that.


And those companies are very good at distributing those fees so it doesn't look like they're being passed on. However, they are. The end loser here is the consumer.

This doesn't mean I'm siding with the banks (except for maybe Goldman, who as I understand, actually paid the money back). I didn't want them to get TARP. I wanted them to figure out how to survive without intervention or if they couldn't, to fail.
 
2010-01-12 05:03:03 PM  
Jews are bankers.
*snert*
 
2010-01-12 05:03:06 PM  
I like where the President is going with this.

The US gov & citizens incurred ludicrous amount of debt to ensure that your idiotic schemes did not bankrupt the country or send us tailspinning toward a Great Depression. Now you guys are making tons of money and paying out big bonuses, how's about you return the favor?
 
2010-01-12 05:03:27 PM  
FTFA: TARP paid out $205 billion and $125 billion has been repaid with 8 percent return.

That's the kind of bullshiat math that got us into this whole mess in the first place. They should whine so much about a few bucks, they're lucky they didn't all get lynched.
 
2010-01-12 05:03:44 PM  
Is there any way Obama can make them wear "I'm a douchebag" lapel pins?
 
2010-01-12 05:04:26 PM  

www.abandonmythology.com



Awesome! I remember Obama repeating over and over again how the taxpayers were going to make money off of these loans, but had no idea how... Fine print works both ways.

I bet GM is shiatting a brick right now worried about what they too may have to pay. And while all the other companies who turned down their Corporate Welfare handouts are probably breathing a huge sigh of relief, I'm sure their own stock values are sure to go up very soon...

Stick it to the man, Obama!
 
2010-01-12 05:04:56 PM  

siromega: I came to the realization that most of these "too big to fail" companies know it. And I fully expect them to abuse this power over the next 10-20 years, if not forever until real reform is enacted.

Either you break them up until they aren't too big to fail and establish rules to prevent systematic failures, or you inflict real penalties on the C-level employees. You fark up and need a bailout? Why don't you lie down on this bench here and um, hold this rope for a second... then put the head on a pike on the south lawn of the White House.


the Government's job USED to be to prevent companies from consolidating and by trust busting monopolies, so they could not get "too big to fail"

until the corporations used their deep pockets to pay off government legislators.

now, companies can do as they please and we're in the shiathole crony capitalist place we are in.
 
2010-01-12 05:06:10 PM  

Absolut Height Advantage: This is good news on the surface, however, as usual, those fees will be passed along to the consumer.


Guess you didn't read about this, huh?

Fed to give 45 Billion back to Treasury

Here's a telling sentence:

In addition to the bonds, the central bank also made money on its emergency loans to banks and financial firms, some of which repaid billions of dollars in loans and interest payments in 2009.

Now, I am not a banker, but it seems so far like TARP's worked out pretty good for the regular citizen.
 
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